Valeo is a multinational automotive supplier based in France, providing a wide range of products to auto manufacturers and after-markets. It is a member of the CAC 40 share index. The Société Anonyme Française de Ferodo was founded in 1923 in Saint-Ouen, a suburb of Paris. It first distributed brake linings and clutch facings under license of Ferodo UK. The society engaged in a diversification in the 1960s by producing braking systems (1961), thermal systems (1962), and lighting systems (1970), and electrical systems (1978). In May 1980, the company was renamed Valeo, which means "I am well" in Latin. Valeo then engaged in an aggressive strategy of expansion, through many international acquisitions. Today, Valeo is organised into four business groups. Recent acquisitions include the engine electronics division of Johnson Controls in France.